The Indian equity markets commenced the week on a subdued note, remaining confined within a narrow 300-point range amid persistent investor tentativeness. According to reports from Business Standard, the benchmark index oscillated around the cluster of short and medium-term EMAs before eventually slipping below these key moving averages by the weekly close. The Nifty50 index concluded the week on a negative note, declining 0.31 per cent to settle near the 24,175 zone, reflecting the cautious undertone and restrained participation across the broader market. As per Angel One, the technical setup continues to reflect hesitation and uncertainty in the directional trend, with the benchmark index oscillating between strong structural support near the 24,050 zone, marked by the golden retracement, and resistance around the 24,370 level, represented by the 200-DEMA. The 24,350-24,370 zone is likely to act as an immediate resistance cluster, with a sustained breakout above this hurdle potentially paving the way toward the 24,500 mark in the near term.
The technical setup continues to reflect hesitation and uncertainty in the directional trend, with the benchmark index oscillating between strong structural support near the 24,050 zone, marked by the golden retracement, and resistance around the 24,370 level, represented by the 200-DEMA. On the downside, a decisive breakdown below the 24,050-24,000 support zone could trigger further weakness toward the 23,890-23,820 region, where the prevailing bullish gap is expected to provide a cushion. Conversely, the 24,350-24,370 zone is likely to act as an immediate resistance cluster, with a sustained breakout above this hurdle potentially strengthening the outlook and paving the way toward the 24,500 mark in the near term. For now, the broader bias remains sideways to positive as long as the 24,050 golden retracement holds, advising market participants to maintain a cautious approach and closely monitor these key technical levels.
BEML has been in a secular uptrend, hovering above its 20-day EMA following a recent retracement phase, according to Angel One analyst Osho Krishan. The stock has demonstrated strong movement with a last close of ₹1,984 and has shown cycles of higher highs and higher lows since inception. The SuperTrend, along with all major indicators, is strongly aligned with the primary trend, suggesting potential for continued northward journey. Recommendation: Buy around ₹1,980-₹1,970 with stop loss at ₹1,875 and target of ₹2,150-₹2,200.
BSE has witnessed a strong correction in the last couple of trading months and has retraced towards the golden retracement of 61.80 per cent of the rally, coinciding with the 200 DSMA. In the past couple of sessions, the counter seems to have taken a breather and eventually tested the sloping trendline, indicating potential breakout and reversal in the trend. The RSI has showcased a positive crossover from the oversold terrain, adding to reversal signals. Recommendation: Buy around ₹3,400-₹3,360 with stop loss at ₹3,140 and target of ₹3,700-₹3,900.
